In John Lewis v HMRC [2016] TC05029 share loss relief was allowed when an undocumented loan was converted to shares and the company ceased to trade shortly after.
HMRC update guidance on selecting a Flat Rate Scheme percentage
Following criticism from professional bodies and a number of unsuccessful visits to the First Tier Tribunal (FTT) HMRC has issued a revised version of VAT notice 733 Flat Rate Scheme to update their guidance in accordance with the FTT decisions.
Share loss relief: shares not Ordinary
In Colin Bielckus, Mark Arnell and Kevin Taylor v HMRC [2016] TC05044 the addition of voting rights attaching to shares were not enough to make them ordinary shares for the purposes of share loss relief.
Entrepreneurs' Relief: the dangers of unusual share rights
In M & E McQuillan v HMRC [2016] TC05074 redeemable non-voting shares carrying no right to a dividend were not counted as ordinary shares for CGT relief on the basis that no right to a dividend amounted to a fixed rate dividend of 0%. This finding is contrary to HMRC's manuals.
Accountant error leads to tax penalty
In Bernard Bediako v HMRC [2015] TC05054 an accountant's misunderstanding of self assessment and the appeals procedure resulted in a tax penalty for the taxpayer.
Nichola's SME Tax W-update 6 May 2016
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We have a Land & Property special this time, with our latest Adviser's Update providing a detailed summary of all the recent developments and proposals in all areas of property taxation from income tax to SDLT.
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